17th August Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI64,625.28-0.47%26.1%
Brent Crude Oil   83.46-1.68%-2.85%  
Natural Gas2.59-2.44%-36.83%
I&E FX Window 759.861.59%-69.56%
Parallel Market  935.000.64%-26.35%
Nigerian Treasury Bill (Average Yield %)6.94%0.00%14.68%
FGN Bonds (Average Yield %)13.84%0.07%17.09%
Gold  1,893.04-0.19%4.35%
Cocoa 3,372.001.17%29.40%
  • The benchmark NGX All-Share Index (ASI) shed 303.70 (-0.47%) points to close at 64,625.28, representing a week gain of 0.71%, 4-week gain of 1.36%, and an overall year-to-date gain of 26.1%. NEM Insurance share price declined by 10%, followed by Sunu Assurances Nigeria (-8.51%), Guinea Insurance (-7.89%) and Cornerstone Insurance Company (-7.09%). It was a very bad day for insurance companies.
  • Oil prices settled lower on Wednesday despite a large drawdown in US crude stocks as investors’ worries about China’s embattled economy against expectations of tighter supply in the United States. Brent crude futures fell US $1.44, or 1.7%, to settle at US $83.46 a barrel while U.S. West Texas Intermediate crude (WTI) fell US $1.61, or 2%, to US $79.38.
  • Naira remain fragile at both the I&E window and on the streets. At the I&E window, Naira appreciated by 1.59%, concluding at a rate of N759.86 against the US dollar. On the streets, the currency saw a slight devaluation of 0.64%, resulting in a valuation of N935 per dollar.
  • U.S. natural gas futures fell by more than 2% to more than a one-week low on Wednesday on forecasts for cooler weather, down 5.4 cents, or 2%, at US MInis$2.59 per million British thermal units (mmBtu), its lowest level since Aug. 7.

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